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Australian (ASX) Banks Industry Analysis

UpdatedMay 01, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.09%
  • 3M4.3%
  • 1Y10.2%
  • YTD1.8%

In the last week, Banks has been flat. As for the the longer term, the industry is up 10% over the past 12 months. Earnings are forecast to grow by 5.0% annually.

Industry Valuation and Performance

Has the Australian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 01 May 2026AU$671.5bAU$98.1bAU$30.9b16x21.8x6.8x
Sun, 29 Mar 2026AU$684.7bAU$98.2bAU$30.9b15.7x22.1x7x
Tue, 24 Feb 2026AU$726.3bAU$98.1bAU$30.9b18.2x23.5x7.4x
Thu, 22 Jan 2026AU$628.8bAU$96.7bAU$30.3b18.7x20.8x6.5x
Sat, 20 Dec 2025AU$649.4bAU$96.7bAU$30.3b19.1x21.4x6.7x
Mon, 17 Nov 2025AU$646.6bAU$96.8bAU$30.3b18.4x21.3x6.7x
Wed, 15 Oct 2025AU$662.1bAU$95.6bAU$31.7b15.6x20.9x6.9x
Fri, 12 Sep 2025AU$657.5bAU$95.6bAU$31.7b14.8x20.7x6.9x
Sun, 10 Aug 2025AU$638.9bAU$94.5bAU$31.8b14.6x20.1x6.8x
Tue, 08 Jul 2025AU$639.8bAU$94.6bAU$31.8b15.1x20.1x6.8x
Thu, 05 Jun 2025AU$640.7bAU$94.6bAU$31.8b15.1x20.2x6.8x
Sat, 03 May 2025AU$617.2bAU$82.7bAU$28.2b13.8x21.9x7.5x
Mon, 31 Mar 2025AU$569.9bAU$93.3bAU$31.7b12.8x18x6.1x
Wed, 26 Feb 2025AU$577.5bAU$93.2bAU$31.7b13.4x18.2x6.2x
Fri, 24 Jan 2025AU$605.5bAU$92.5bAU$31.4b13.8x19.3x6.5x
Sun, 22 Dec 2024AU$572.1bAU$92.5bAU$31.4b13.3x18.2x6.2x
Tue, 19 Nov 2024AU$604.7bAU$92.5bAU$31.4b13.7x19.2x6.5x
Thu, 17 Oct 2024AU$571.2bAU$91.9bAU$31.6b12.5x18.1x6.2x
Sat, 14 Sep 2024AU$575.0bAU$91.9bAU$31.6b12.6x18.2x6.3x
Mon, 12 Aug 2024AU$522.8bAU$91.7bAU$31.6b11.6x16.5x5.7x
Wed, 10 Jul 2024AU$518.1bAU$91.7bAU$31.6b10.9x16.4x5.7x
Fri, 07 Jun 2024AU$513.5bAU$91.7bAU$31.8b10.8x16.2x5.6x
Sun, 05 May 2024AU$490.9bAU$92.1bAU$32.4b10.8x15.1x5.3x
Tue, 02 Apr 2024AU$502.3bAU$92.5bAU$32.7b11x15.3x5.4x
Thu, 29 Feb 2024AU$490.5bAU$92.5bAU$32.7b10.8x15x5.3x
Sat, 27 Jan 2024AU$468.2bAU$92.8bAU$33.2b8.3x14.1x5x
Mon, 25 Dec 2023AU$450.6bAU$92.8bAU$33.2b8x13.6x4.9x
Wed, 22 Nov 2023AU$420.9bAU$92.8bAU$33.2b7.9x12.7x4.5x
Fri, 20 Oct 2023AU$421.9bAU$91.0bAU$32.5b8x13x4.6x
Sun, 17 Sep 2023AU$432.5bAU$91.0bAU$32.6b8.1x13.3x4.8x
Tue, 15 Aug 2023AU$428.4bAU$90.8bAU$32.5b8.5x13.2x4.7x
Thu, 13 Jul 2023AU$408.4bAU$91.0bAU$32.4b8.2x12.6x4.5x
Sat, 10 Jun 2023AU$391.9bAU$91.0bAU$32.4b8.2x12.1x4.3x
Mon, 08 May 2023AU$404.4bAU$90.5bAU$31.7b8.2x12.8x4.5x
Price to Earnings Ratio

12.8x


Total Market Cap: AU$404.4bTotal Earnings: AU$31.7bTotal Revenue: AU$90.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 17.5x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 21.8x which is higher than its 3-year average PE of 17.5x.
  • The 3-year average PS ratio of 5.9x is lower than the industry's current PS ratio of 6.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 2.7% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market-1.41%
Financials0.22%
Banks-0.093%
Regional Banks2.00%
Diversified Banks-0.13%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 39.0x.
    • Analysts are expecting annual earnings growth of 25.8%, which is higher than its past year's earnings decline of 38.5% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 17.5x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 38% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BEN Bendigo and Adelaide BankAU$10.781.6%
+AU$98.4m		-5.8%PB0.9x
JDO Judo Capital HoldingsAU$1.453.6%
+AU$56.1m		-0.7%PB0.9x
MYS MyStateAU$4.685.9%
+AU$44.3m		19.1%PB1.1x
BFL BSP Financial GroupAU$8.250.6%
+AU$23.4m		8.6%PB2.3x
KSL Kina SecuritiesAU$1.294.0%
+AU$14.7m		16.7%PB1.6x

Latest News

JDO
AU$1.45
Judo Capital Holdings
7D
3.6%
1Y
-0.7%

JDO: Future Returns Will Rely On Solid Margins And Supportive P/E Multiple

Analysts have reduced their fair value estimate for Judo Capital Holdings from A$1.73 to A$1.60. This change reflects updated assumptions for revenue growth, profit margins and a slightly lower future P/E multiple.
BEN
AU$10.78
Bendigo and Adelaide Bank
7D
1.6%
1Y
-5.8%

BEN: Future Returns Will Balance Fair Pricing And Modest Profitability Adjustments

Analysts have slightly adjusted their price target for Bendigo and Adelaide Bank to A$10.82 from A$10.84, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: A$10.84 to A$10.82, a very small downward adjustment of around 0.2%.
KSL
AU$1.29
Kina Securities
7D
4.0%
1Y
16.7%
WBC
AU$38.45
Westpac Banking
7D
-1.4%
1Y
14.9%

WBC: Higher Risk Assumptions Will Constrain Upside From Current Levels

Analysts have trimmed their Westpac Banking price target by A$0.35 to A$34.87, citing slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E. These factors collectively point to a modest recalibration of fair value rather than a major shift in the investment case.
ANZ
AU$35.61
ANZ Group Holdings
7D
-1.7%
1Y
17.3%

ANZ: Mixed Broker Views And Merchant Venture Outcome Will Guide Future Balance

ANZ Group Holdings' analyst fair value estimate has shifted slightly lower to A$36.66 from A$37.07, as analysts factor in updated assumptions for discount rates, revenue growth, profit margins, and a marginally lower future P/E multiple, following mixed recent broker views including a downgrade to Neutral with an A$38.14 price target. Analyst Commentary Recent research shows a mix of optimism and caution around ANZ Group Holdings, which is feeding directly into updated fair value work and price targets.
BOQ
AU$6.65
Bank of Queensland
7D
-0.4%
1Y
-11.2%
MYS
AU$4.68
MyState
7D
5.9%
1Y
19.1%

MYS: Stable Dividend Outlook Will Support Future Upside Potential

Analysts have maintained their A$5.26 price target on MyState, noting broadly stable views on fair value, discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News MyState Limited declared an ordinary dividend of A$0.12 per security for the six months ended December 31, 2025, giving investors clarity on upcoming income timing (Key Developments).
NAB
AU$39.83
National Australia Bank
7D
-0.6%
1Y
9.2%
CBA
AU$173.04
Commonwealth Bank of Australia
7D
-0.8%
1Y
2.0%

CBA: Premium P/E Will Be Capped By Margin And Pricing Risks

Analysts have trimmed the Commonwealth Bank of Australia fair value estimate by A$1.07 to A$142.00, reflecting refreshed assumptions around revenue growth, margins, and a slightly lower future P/E multiple. Analyst Commentary Recent research on Commonwealth Bank of Australia has centered on how updated assumptions for revenue growth, margins, and valuation multiples feed into fair value.
BFL
AU$8.25
BSP Financial Group
7D
0.6%
1Y
8.6%
BBC
AU$0.24
BNK Banking
7D
4.3%
1Y
-18.3%